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FRDI Bill: Irrelevant and unfair

The FRDI wants to grab the money of creditors and depositors above a limit, when banks or insurers are caught in a financial tsunami, for no fault of theirs

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Financial Resolution And Deposit Insurance Bill

Debashis Basu 

Debashis Basu

The Indian justice system offers us a steady source of bizarre solutions. But we haven’t yet come across a judge telling the creditor of a failed insurance company: “Forget your money.

Here, take some shares of the insurance company in exchange.” Or to a depositor of a bank that has gone belly up: “Forget your life savings in the bank that you had trusted for several decades. Here, take a few shares of the bankrupt bank instead. You will make money if the shares eventually go up.” But this is exactly what the justice system will deliver because this is what is ...

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First Published: Sun, December 10 2017. 22:42 IST
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